Ripple allows fast and cheap transactions through its open-source protocol. The platform has its own currency XRP, and it also allows everybody to create their own currency through its platform RippleNet.
RippleNet is a network of institutional payment providers like banks that use Ripple developed solutions to provide a seamless experience to send money worldwide. The platform allows people to make payments in any currency and charges a minimal transaction commission.
XRP is a token that is used to represent the transfer of value across the Ripple Network. The main goal of XRP is to be a mediator for both fiat and cryptocurrencies exchanges.
Unlike Bitcoin or Ethereum, Ripple doesn’t have a blockchain. Ripple has its own patented technology called the Ripple Protocol consensus algorithm (RPCA). The word consensus means that every node is in agreement with all the others.
Ripple is used for low commission currency exchange, faster international transactions, and as a payment ecosystem.